This morning, I watched a report on NBC's Today Show by Lisa Myers "Credit Card Backlash - Are Banks Gouging With Credit Cards?" According to Ms. Myers report, some credit card companies have raised interest rates significantly on balances owed. Apparantly, this is one way for banks to recoup some lost profits from last year. http://today.msnbc.msn.com/id/26184891/26411480#30363732
Its also stirred anger from the credit card holders. Whether or not you own a credit card, this should make you angry. Credit cards, like many things have a good and bad side, but often we use them to pay for things when we don't have the money. This kills our chances of growing our savings. When you think about it, the big reason we are in a recession now is because too many people lived beyond their means and bit off more than they could chew.
Want to do your part to get the economy going again?
Do what Dave Ramsey (www.daveramsey.com) says - perform "plastic surgery" on your cards.
Shred 'em & Get Rid of 'em!!
Like ripping off a band-aid, it may hurt at first, but you should also feel a huge sense of relief - like a giant boulder lifted off your shoulders. Without the card, you can't add debt. You can only lower it by making your payments. With the average credit card debt in America at $8400,
http://www.spendonlife.com/content/CreditCardDebtEliminationAndFactsAboutDebtInAmerica-1-223-3.ashx this is the time to dump the debt and start growing savings.
Check out Dave Ramsey's "Town Hall for Hope" www.townhallforhope.com 8:00pm EST
South Bend, IN area residents can attend at Clay Church www.claychurch.com
For more information on improving yhour financial health, please contact me at www.deanvoelker.com .